According to TechFlow, the latest analysis report released by CryptoQuant analyst Woominkyu pointed out that there is a close correlation between Bitcoin hash price and Bitcoin price. The current low hash price may suggest that Bitcoin price is approaching the bottom.
Woominkyu explained that the price of computing power reflects the profitability of miners. He showed through a chart that historically when the price of computing power dropped to a lower level (the area marked by the blue box in the figure), it often corresponded to the period when the price of Bitcoin was at or near its lowest point. This historical pattern shows that the trough of computing power prices often coincides with the moment when the price of Bitcoin hits the bottom.
